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Crude oil has been in focus since the U.S. and Israel began their strikes on Iran, which also killed the Islamic Republic’s Supreme Leader, Ayatollah Ali Khamenei.
Strait Of Hormuz Closed
Concerns around crude oil prices escalated when Iran announced the closure of the Strait of Hormuz, warning it would fire on any vessel attempting to pass.
Since the closure, oil has surged by 35%, pushing it above the $90 mark. Crude oil was last trading at $90.90, up by 12.2%.
Strikes Against Oil Infra
Iran has attacked oil infrastructure in the Middle East, which has resulted in a reduction in output. Saudi Aramco’s Berri oilfield was reportedly struck by debris, causing minor …
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